Fidelity Puritan Correlations

FPUKX Fund  USD 25.47  0.07  0.27%   
The correlation of Fidelity Puritan is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity Puritan moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity Puritan Fund moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Very poor diversification

The correlation between Fidelity Puritan Fund and NYA is 0.81 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Puritan Fund and NYA in the same portfolio, assuming nothing else is changed.
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity Puritan Fund. Also, note that the market value of any mutual fund could be tightly coupled with the direction of predictive economic indicators such as signals in industry.
  
The ability to find closely correlated positions to Fidelity Puritan could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fidelity Puritan when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fidelity Puritan - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fidelity Puritan Fund to buy it.

Moving together with Fidelity Mutual Fund

  0.98FRGAX Growth Allocation IndexPairCorr
  0.77FRIOX Fidelity Real EstatePairCorr
  0.8FRIRX Fidelity Real EstatePairCorr
  0.94FAGIX Fidelity Capital IncomePairCorr
  0.97FSAAX Fidelity Asset ManagerPairCorr
  0.9FAOAX Fidelity Advisor OverseasPairCorr
  0.88FSCZX Fidelity Stock SelectorPairCorr
  0.91FSELX Fidelity Select Semi Steady GrowthPairCorr
  0.75FSDPX Materials PortfolioPairCorr
  0.93FSPSX Fidelity InternationalPairCorr
  0.92FSPTX Technology PortfolioPairCorr
  0.64FSRBX Banking Portfolio BankingPairCorr
  0.93FSRCX Fidelity Advisor StrPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
SEICFSMEX
KNXFSMEX
SEICORLY
BLFEKNX
KNXORLY
BLFEORLY
  
High negative correlations   
DRETDKNX
DRETDBLFE
DRETDFSMEX
DRETDORLY
SEERORLY
CRD-ASEER

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Puritan Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Fidelity Puritan's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
KNF  1.22 (0.10) 0.00 (0.02) 0.00 
 2.46 
 8.13 
ORLY  0.80 (0.13) 0.00 (0.15) 0.00 
 1.63 
 5.42 
FSMEX  0.76 (0.08) 0.00 (0.02) 0.00 
 1.50 
 5.26 
SEIC  0.61 (0.03)(0.03) 0.02  0.82 
 1.34 
 4.74 
KNW  4.68  0.57  0.09  1.93  4.78 
 9.52 
 52.78 
KNX  1.28 (0.36) 0.00 (0.26) 0.00 
 2.24 
 7.08 
BLFE  17.49  3.50  0.07  0.64  17.11 
 100.00 
 150.00 
SEER  2.96  0.38  0.11  0.47  2.88 
 8.54 
 17.62 
DRETD  1.39  0.22  0.03 (0.71) 1.94 
 3.57 
 32.06 
CRD-A  2.38 (0.40) 0.00 (1.32) 0.00 
 4.02 
 33.06 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Fidelity Puritan without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Already Invested in Fidelity Puritan Fund?

The danger of trading Fidelity Puritan Fund is mainly related to its market volatility and Mutual Fund specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Fidelity Puritan is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Fidelity Puritan. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Fidelity Puritan is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity Puritan Fund. Also, note that the market value of any mutual fund could be tightly coupled with the direction of predictive economic indicators such as signals in industry.
You can also try the Global Correlations module to find global opportunities by holding instruments from different markets.
Please note, there is a significant difference between Fidelity Puritan's value and its price as these two are different measures arrived at by different means. Investors typically determine if Fidelity Puritan is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Fidelity Puritan's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.